While the long wait is a disappointment, the consensus is that the silver lining to the delay is that it increases the likelihood of Abrams' involvement. And at this point, it's hard to imagine anyone else taking the reins.
That Abrams was able to breath new life into a moribund franchise like "star Trek" was a minor miracle. The newest generation was true enough to the source material to keep the fan-boys from attacking, while fresh enough to draw a massive audience with a smart and exciting story. Chris Pine's killer turn as Kirk didn't hurt either.